"I've said a number of times that the administrator, once appointed, takes charge of the business," explained Shepherd.

"Having two people try to do that is both confusing and a waste of money. With that in mind, I've agreed with Mike [Jarvis from PwC] that I will step down as CEO and the business immediately - this is my final email to you all."

Promising "big changes" to come, Shepherd seemingly confirmed store closures, which will be announced throughout what will be a "difficult week" for staff.

"I'm sad to confirm that no deal has been done, and so I have signed the necessary paperwork this morning to allow the appointment of administrators. The process has been finalized, and so Mike Jarvis from PwC takes charge immediately.

"He will have a lot to do very quickly. Let's be clear, he will certainly make big changes, both to the store estate and in the office, but will be doing so with a view to creating a trading business that he can attract a buyer for.

"As I've said before, the business is worth more trading than not. It's going to be a difficult week for everyone, but the best thing you can all do is support Mike and his team, and do your best to help create the most positive outcome you can.

"Mike will be communicating more with all of you today, both face to face where possible and by email, so watch out for that."